* DAY AHEAD: The US day includes Existing Home Sales (Aug), a USD 22bln 30yr bond auction, the US 10-20yr treasury buyback (liqudity support), and an updated Atlanta Fed GDP. In energy, the EIA will release the weekly inventory report.

• BROKER MOVES: META upgraded at JPMorgan; UBER downgraded at Arete. For the full list, click here.
• MAJOR MORNING MOVES RECAP: FCX, COO, AVAV, M, LEU, TENB. For the full list, click here.
• US DAILY CONFERENCE CALENDAR: . For the full list, click here.

NEWS:

TECH

• China - Chinese AI chipmakers have reportedly lifted prices amidst higher memory prices, sources suggest; the likes of Huawei have lifted prices by c. 20-50% more than quotes given a couple of months. Cambricon (688256 CH) has reportedly lifted prices by 20-30%.
• Applied Materials (AMAT) - CEO said services business is growing by more than 20% Y/Y and margins are up 180 bps, while packaging business is expanding by over 70% this year.
• Adobe (ADBE) - OpenAI restricts Adobe (ADBE) and other rivals from advertising ChatGPT which compete with its own features, according to The Information.
• Dell (DELL) - CEO said AI is opening up “enormous” development capacity, and massively accelerating new features and capabilities.  Meanwhile, CMO Jane Tunnell reported the sale of 5,436 shares of Class C common stock at USD 523.515/share on September 4, according to a SEC filing.
• Nvidia (NVDA) - Supply chain reports indicated that Nvidia is significantly increasing prices to secure probe card and test socket production capacity from major test interface vendors, reports DigiTimes Supply chain reports indicate that Nvidia is significantly increasing prices to secure probe card and test socket production capacity from major test interface vendors, leading to a shortage of demand from R&D and engineering verification sectors, including wafer foundries.
• WeRide (WRD), Uber (UBER) - Uber, WeRide, and Avomo, the autonomous vehicle division of Moove Cars Group, received Spain’s first national permit for Level 4 autonomous passenger vehicles to operate on public roads, enabling deployment preparations in the Greater Madrid region. Commercial operations are expected to begin by end-2026, with an initial fleet of 20 vehicles operating under in-car supervision.
• Pony AI (PONY), Uber (UBER) - Pony AI and Verne began fully driverless Robotaxi passenger tests on public roads in Zagreb, marking a European first and advancing preparations for commercial operations. The tests are part of the Pony AI, Verne and Uber partnership to launch Europe’s first commercial Robotaxi service, with Pony AI providing autonomous driving technology, Verne operating the service and Uber providing access through its platform.
• Uber (UBER) - Downgraded at Arete to Neutral from Buy with a USD 74 PT. The firm said shares are not yet price for autonomous vehicle "disruption".  Arete expects Uber's share overhang from autonomous vehicles to intensify. The company's own supply of autonomous vehicles is not scaling quickly.
• Navan (NAVN) - Q2 adj. EPS USD 0.05 (exp. -0.15), Q2 revenue USD 233mln (exp. 220.49mln). Sees Q3 revenue USD 253-255mln (exp. 248.27mln) and Q3 adj. income from operations of USD 35.5-36.5mln (exp. 30.4mln). Raised FY27 revenue outlook to USD 927-933mln (exp. 911.25mln, prev. USD 907-913mln) and FY27 adj. income from operations outlook to USD 82-86mln (exp. 63mln, prev. USD 76-80mln). Acquired BoomPop, an AI-powered platform for meetings and events, with terms undisclosed; transaction expected to have no material impact on previously issued guidance.
• CoreWeave (CRWV) - CEO Michael Intrator told Yahoo Finance from the Goldman Sachs Communacopia & Tech Conference that the firm is “struggling to meet demand every day". "Every GPU we have could be sold to multiple different clients. It is a unique moment, and it continues to be."
• Rackspace Technology (RXT) - Rackspace joined Nvidia’s Cloud Partner Program, expanding its ability to deliver Nvidia accelerated computing to regulated and sovereign enterprises and supporting its AI Cloud strategy.
• Nvidia (NVDA) - Nvidia is collaborating with Australian cloud and AI infrastructure partners including Firmus, Sharon AI, IREN, ResetData, Megaport, CDC, NEXTDC and AirTrunk to support up to a 2-GW buildout of NVIDIA DSX AI factories by 2027; the infrastructure will expand local access to NVIDIA accelerated computing and Nemotron open models for startups, universities, researchers and enterprises, including Heidi and Atlassian.
• Tenable (TENB) - To offer USD 650mln of convertible senior notes due 2031.

MATERIALS

• Copper -The US administration is yet to make a decision on refined copper tariffs amid concerns that higher prices could raise manufacturing costs, Reuters reports citing sources.

COMMUNICATIONS

• Meta Platforms (META) - Upgraded at JPMorgan to Overweight from Neutral with a USD 820 PT (prev. 640). The shares offer "meaningful upside potential" as Meta is in the early stages of releasing frontier models and AI-driven products beyond advertising, notably Muse AI agent and Meta Model API access, the firm said. The firm says frontier models are at the core of Meta's product and monetization pipeline and its path toward superintelligence. JPMorgan expects Watermelon to unlock additional opportunities for Meta around consumer products, business intelligence and advertising. The firm cites Meta's new AI product monetization for the upgrade. Meanwhile, AI researcher Andrew Tulloch is leaving the company, according to Semafor, after delaying his departure until Meta launched its new family of open-source AI models and AI assistant, Muse, announced Tuesday. Tulloch joined Meta from Thinking Machines Lab last year as one of the company’s highest-paid employees.

CONSUMER DISCRETIONARY

• Macy's (M) - Q2 adj. EPS USD 0.63 (exp. 0.37), Q2 revenue USD 5.06bln (exp. 4.81bln), Q2 comparable sales up 2.7% and Q2 gross margin 41.5%, up 180bps Y/Y. Raised FY26 adj. EPS outlook to USD 2.15-2.35 (exp. 2.25, prev. USD 2.00-2.20), FY26 revenue outlook to USD 21.675-21.825bln (exp. 21.82bln, prev. USD 21.5-21.75bln), and FY26 comparable sales growth outlook to 1%-1.5% (prev. 0.5%-1.2%). Received all expected IEEPA tariff refunds totaling USD 116mln, including USD 98mln in Q2 and USD 18mln following quarter end, with approximately USD 20mln expected to flow to FY26 EPS and the remaining USD 96mln being invested in 2026. Merchandise inventories increased 2.5% Y/Y and the company said inventories are well-positioned heading into H2 2026.
• American Eagle (AEO) - Reported Q2 EPS 0.79 vs 0.45 last year; Aerie comparable sales grew 19%, while American Eagle comparable sales decreased 1%; sees Q3 comparable sales up mid-to-high single digits and FY26 comparable sales up mid-single digits, with Q3 gross margin flat YoY, FY26 gross margin higher YoY and FY26 CapEx USD 250-260mln.
• Volkswagen (VWAGY) - Expects the total cost of job cuts and potential plant closures to be around EUR 16bln, Reuters reports, citing a person familiar with the matter. The costs include around EUR 1bln each for phasing out production at Emden and Zwickau, EUR 2bln each at Neckarsulm and Hanover, and EUR 10bln related to cutting up to 60,000 jobs worldwide.

ENERGY

• Iran - Iran ordered temporary suspension of 10% freight charge on foreign vessels carrying energy products to or from Iran, Fars reports.
• Enbridge (ENB) - To buy Tallgrass crude business for USD 2.55bln in cash.
• Centrus Energy (LEU) - Announced class A common stock and warrant offering - no amount given, priced at USD 199.64.
• Kinetik Holdings (KNTK) - Exploring a potential sale of the company as energy infrastructure attracts interest from strategic and financial buyers, driven partly by demand for natural gas to power data centers; the process is in early stages with advisers and no deal guaranteed, Reuters reports, citing sources.

INDUSTRIALS

• AeroVironment (AVAV) - Q1 adj. EPS USD 0.59 (exp. 0.25), Q1 revenue USD 480.5mln (exp. 456.1mln), Q1 bookings USD 0.7bln with a 1.4 book-to-bill ratio and funded backlog USD 1.5bln, up 37% Y/Y. Backs FY27 adj. EPS outlook of USD 3.02-3.34 (exp. 3.22) and FY27 revenue outlook of USD 2.125-2.225bln (exp. 2.19bln).
• Lockheed Martin (LMT) awarded USD 257.28mln Navy contract modification for MK 48 MOD 7 Heavyweight Torpedo production, spares, support and repairs, with work through Sept. 2029; also awarded USD 825.98mln Air Force modification for Joint Air-to-Surface Standoff Missile and Long Range Anti-Ship Missile procurement, bringing cumulative contract value to USD 10.48bln from USD 9.65bln, with work through July 2030.
• Aerospace - Aerospace supply-chain M&A is accelerating as clearer Boeing and Airbus production schedules boost confidence in long-term demand, with 154 publicly disclosed commercial aerospace transactions through August, just below the 2019 record of 159; buyers are targeting suppliers with scarce labor, specialized capabilities and capacity, while manufacturers seek to secure critical components.
• JetBlue (JBLU) - Raised Q3 RASM growth outlook to 17-20% Y/Y (prev. 12.5-16.5%) and CASM ex-fuel to 6.0-8.0% (prev. 2.5-4.5%).

HEALTHCARE

• Cooper Companies (COO) - Q3 adj. EPS USD 1.15 (exp. 1.12), Q3 revenue USD 1.07bln (exp. 1.12bln). Lowered FY26 adj. EPS outlook to USD 4.51-4.55 (exp. 4.63, prev. USD 4.58-4.66) and FY26 revenue outlook to USD 4.23-4.25bln (exp. 4.31bln, prev. USD 4.29-4.32bln). Sees Q4 adj. EPS USD 1.05-1.09 (exp. 1.19) and Q4 revenue USD 1.06-1.08bln (exp. 1.19bln).
• Elevance (ELV) - Said Q3 adj. EPS is tracking positively of prior outlook through July and August driven by favourable benefit expense performance and broad operating execution.
• Bayer (BAYN) - Said the FDA granted accelerated approval for Hyrnuo, following Priority Review and Breakthrough Therapy Designation, for first-line treatment of adults with locally advanced or metastatic non-squamous non-small cell lung cancer whose tumours have HER2 tyrosine kinase domain activating mutations.
• Novartis (NVS) - HSBC upgraded NVS to Hold from Reduce with a USD 136 PT (prev. 123). The firm believes the company's negative catalyst path has played out following back-to-back trial failures for pelacarsen and del-desiran. HSBC sees a near-term consensus downgrade cycle for Novartis but thinks investor attention will shift quickly to the next key catalyst - the RECHARGE study. The stock's risk/reward is now more balanced, the firm argued.
• Biohaven (BHVN) - Shares fell in the premarket after the FDA issued a partial clinical hold on Sept. 4, pausing new enrollment in the BHV-7000 program over a rodent metabolite risk; dosing continues for >600 randomised patients, while fully enrolled BHV7000-303 remains on track for H2 2026 topline data. RBC Capital downgraded Biohaven to Sector Perform from Outperform and cut its PT to USD 19 from USD 23.